Ukrainian president signs law to curb oligarch influence

KIEV — Ukrainian President Volodymyr Zelensky has signed into law a bill designed to combat oligarch influence on the country’s economy and politics, the presidential press service said Friday.

The new legislation is aimed at ensuring the state works in the interest of society and guiding Ukraine towards European and Euro-Atlantic integration, according to a statement.

The law allows the country’s National Security and Defense Council to put individuals on the list of oligarchs based on certain criteria, which include significant influence on the media and political activities.

The individuals designated as oligarchs will be prohibited from sponsoring political parties and taking part in the privatization of big companies.

The law will fully take effect six months after being published in the Ukrainian parliament’s newspaper Golos Ukrainy.